Comment on the Greek crisis and EU leaders meeting

It is amazing how blind the EU leaders (German Chancellor, ECB, and some in the EU Commission) are to the political dangers involved in trying to force Greece to implement economic cuts that are bound to fail, that have already failed, and that will plunge the country deeper into misery….and anarchy! What EU leaders need to do now is to extend the Greeks an olive branch. Certainly hold them to the loan agreement, but give them time to repay and grow. This means that in exchange for holding the deficit where it is today, rather than insisting on continued radically rapid deficit reduction, that the Greeks promise to continue to reform—by tackling tax evasion, corruption, and structural reform. And make offer a new set of terms today. Don’t wait til the upcoming legislative elections!